General Accounting
IAS 16 PROPERTY, PLANT AND EQUIPMENT LEARNING OBJECTIVES 1.Definition 2.Recognition 3.Initial Measurement 4.Subsequent Expenditure 5.Subsequent Measurement 6.Depreciation …………………………………………………………….. Definition: Property,
Continue reading ACCRUALS AND PREPAYMENT LEARNING OBJECTIVE I.INTRODUCTION II.PREPAYMENTS III.ACCRUALS IV.SUMMARY OF ENTRIES ………………………………………………………… Download lesson: CHAPTER 1 ACCRUAL AND PREPAYMENT
Continue reading I. PURPOSE OF BANK RECONCILIATION The purpose of a bank reconciliation is to ensure that the ledger account balance and
Continue reading I. VALUATION OF INVENTORY Inventory may include any of: -Finished goods -Work in progress -Material The prudence concept requires that
Continue reading I. PARTNERSHIPS-BASIC PRINCIPLES Definition: a partnership is two or more individuals jointly carrying on business with a view to making
Continue reading I. Provision A provision is a liability of uncertain timing or amount. Uncertainty is what distinguishes a provision from another
Continue reading I. COST OF GOODS SOLD Cost of goods sold (Dr)= beginning inventory (Dr)+ purchase(Dr) – ending inventory(Cr) Entry for cost
Continue reading I. THE NATURE OF PURCHASE AND SALES LEDGER CONTROL ACCOUNTS The balance on the control account should equal the sum
Continue reading I. IAS 16 PROPERTY, PLANT AND EQUIPMENT IAS 16 property, plant and equipment provide the rules relating to accounting for
Continue reading The income statement is a financial statement that shows the financial performance of a business for an accounting period. ………………………
Continue reading